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Japanese Firm Wants to Build an Island Resort in Russia's Far East

Iida Group Holdings, is prepared to invest between $380 million and $450 million in the new resort, with plans to recoup their capital in five to seven years

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This article originally appeared in The Moscow Times


One of Japan's largest residential development companies is prepared to build a large resort complex on an island in Russia's Far East, newspaper Kommersant reported, as neighboring Asian countries increasingly move to invest in the underdeveloped region.

<figcaption>The Primorye region, a lush mountain-meets-beach territory on the Pacific Ocean, has recently become a focal point for Asian investment | Photo: Maxim Stulov, Vedomosti</figcaption>
The Primorye region, a lush mountain-meets-beach territory on the Pacific Ocean, has recently become a focal point for Asian investment | Photo: Maxim Stulov, Vedomosti

The resort on Russky Island near the far eastern city of Vladivostok would include a residential complex and a resort with a golf course for summer vacationers and mountain skiing area for the winter season, Sergei Kachayev, a deputy minister for the development of the Far East, told Kommersant.

An unidentified source said that the Japanese firm, Iida Group Holdings, is prepared to invest between $380 million and $450 million in the new resort, with plans to recoup their capital in five to seven years.

The island, which has served as a military base since the tsarist era, became more accessible following the construction of a bridge connecting it to the mainland for the Asia-Pacific Economic Cooperation (APEC) summit in 2012.

Read more at The Moscow Times


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